Key Takeaways Amazon shares lost ground in extended trading on Thursday after the tech giant reported cloud computing revenue below expectations and issued a tepid current quarter outlook.The stock's projected open on Friday sets the stage for a possible retest of a rising wedge pattern's lower trendline.

AWS has not been able to match the growth of Amazon’s competitors, with Microsoft Corp.’s Azure and Alphabet Inc.’s Google Cloud seeing cloud-related revenue rise by 31% and 30%, respectively. Even so, AWS remains much bigger than any other cloud infrastructure provider, and it’s notable that those peers also missed expectations this week.

Amazon investors drove shares down sharply on Thursday due to weakness in the retailer’s cloud computing unit and lower-than-expected forecasts for first-quarter revenue and profit. Amazon’s shares fell as much as 5% in extended trade after the fourth-quarter earnings report,

Amazon said Thursday it plans to boost its capital expenditures to $100 billion in 2025, as it continues its spending spree on AI services.